This Week's Houston Deal Sheet
Archway Properties unveiled plans for the 111-acre Park Air 59, a mixed-use development planned for the largest undeveloped tract along U.S. Highway 59 near George Bush Intercontinental Airport in Northeast Houston.
Archway has incorporated retail, restaurant, Class-A industrial and service-related uses into Park Air 59's master plan. The project has 85 acres of developable land — Archway will build out 31 acres of infrastructure and make 54 acres available for ground leases and sales.
Park Air 59's first build-to-suit is under construction on a 4.2-acre tract at the junction of 59 and Will Clayton Parkway. Archway is developing a 65K SF three-story medical office building for Vital Heart & Vein. The project will deliver in mid-2018.
SALES
On behalf of the seller, Wormser Family Trust, NAI Partners’ Chris Caudill negotiated the sale of a 63K SF industrial asset at 12835 Jess Pirtle Blvd. in Sugar Land. Preferred Shipping was the buyer.
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An undisclosed buyer purchased 1.2 acres at the southwest corner of Perry and Fairlane Meadows in Houston. Retail Solutions’ Mohamed Gamal represented the seller. Realty Associates’ Hyon Lee represented the buyer.
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HAR Asset Management purchased 25.2 acres at the intersection of Stuebner Airline Road and Five Forks Drive in Spring from the estate of Robert Lee Jenkins. NewQuest's Jeff Lokey represented the buyer and seller.
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An undisclosed buyer purchased 4.75 acres on Ella Boulevard in Houston. Retail Solutions' Mohamed Gamal represented the seller.
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HFF’s Joey Rippel, Todd Marix, Chris Curry, Chris Young, Tyler Ford and Connor Phillips completed the sale and acquisition financing for Stoneleigh of Spring Cypress, a 216-unit, garden-style apartment community in Spring.
LEASES
Cathedral Energy Services renewed a 26K SF industrial lease at 6622 Willowbrook Park Drive in Houston. JLL’s David Buescher and Jordan Raney represented the tenant. Grant Rollo with Carson Cos. represented the landlord.
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Key Energy Services struck a 9,400 SF sublease deal with Rockcliff Energy at Fulbright Tower at 1301 McKinney St. NAI Partners’ Lane Morgan and Dan Boyles negotiated.
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NAI Partners’ Shaffer Braun represented the landlord, NPO 1495, in leasing 14K SF to Niche Importing Group at 1499 North Post Oak Road. Boyd Commercial’s David Munson represented the tenant.
DEVELOPMENT
McCarthy was awarded the Tech Ops MX Hangar project at the William P. Hobby Airport in Houston. This two-bay hangar maintenance facility will be able to house up to six Boeing 737 aircraft. The construction plan involves several pre-construction projects, including demolition and utility relocation in addition to the construction of the two-bay hangar maintenance facility.
